It has been about seven years since bitcoin was introduced to the world. The digital currency has come so far since then. Even though bitcoin adoption is gradually increasing, it is nowhere close to attaining the required critical mass to reach the tipping point.
Not many people know about bitcoin. Among those who know about it, not many are keep on using it, some don’t even own it. But the same thing can’t be said about fiat currency. Everyone has used and continues to use fiat currency in one way or another. When it comes to businesses, as long as the core value proposition is right it is good to target the business towards greater audience than just sticking to one particular subset. Same applies to bitcoin sector also.
Following this principle is ChangeTip, a bitcoin based microtipping platform that also works as a crowdfunding tool to raise funds for causes. ChangeTip has so far been only focused on microtipping with digital currency, but now the company has changed its stance to include dollars as one of the currencies people can use to send microtips to anyone. With this new move ChangeTip will now have a greater chance of acquiring new users to its service.
On an average it is found that only about 24 percent of people will opt for bitcoin only services and the rest 76 percent users lack the confidence required to use digital currency. By including both bitcoin and US dollars, ChangeTip has efficiently overcome the odds.
ChangeTip’s move has another addition benefit for the bitcoin community. The odds of getting more people to use bitcoin also increases, as it is easier to get people to gradually adopt bitcoin once they have tipped with US dollars on the platform. Tipping with dollar doesn’t eliminate the role of bitcoin in that particular transaction as the platform will be converting dollar tips to bitcoin for cross border transactions. However, the inclusion of tipping with fiat currency will also prove beneficial for those generating content, or running campaigns on ChangeTip as the number of target audience will be far greater after this move.